BAKERSFIELD, Calif. (KGET) – A new report shows Bakersfield topped the top 100 in the country’s most expensive rental market last month. Meanwhile, the city ranked 12th most affordable city in the United States when buying a home.
Zumper, the largest private rental platform in North America, says Bakersfield ranked as the 70th most expensive rental market in the United States in August. The report says prices for one- and two-bedroom units hit the medians of $ 950 and $ 1,200. The price of one-bedroom apartments in Bakersfield has risen 17% from the same period last year. This is significantly higher than the national average, which saw prices increase by 10.7%.
To view Zumper’s full report, go here.
Meanwhile, the latest RealtyHop Housing Affordability Index ranks Bakersfield as the 12th most affordable city in the country when it comes to home buying.
RealtyHop says families need to set aside just over 21% of their annual income for mortgage payments and property taxes. By comparison, the average family wanting to buy a home in New York City’s most expensive housing market is expected to spend over 82% of their income on housing costs.
To view RealtyHop’s full report, go here.